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Don't get caught out
by loan sharks

If you are concerned about your
safety, call 999 immediately

What is a loan shark?

What is a loan shark?

A moneylender needs to be authorised by the Financial Conduct Authority (FCA) to lend money, otherwise, they are breaking the law. Moneylenders not authorised by the FCA are known as loan sharks.

We know that times are hard right now. With the ever-increasing cost of living and energy bills soaring, you may be worried about how you’re going to pay your bills and unsure of where to turn for help. But please don’t turn to loan sharks

What's wrong with loan sharks?

What's wrong with loan sharks?

Loan sharks will often charge very high-interest rates and will often not provide the proper paperwork to confirm your arrangements.

They will also often take other illegal actions to collect the money, such as threatening violence or taking away your possessions.

Loan sharks can leave people scared and vulnerable, paying over the odds and without a legal contract.

How do you know if you have borrowed from a loan shark?

If you can answer yes to one or more of these questions, you might have borrowed money from a loan shark:

  • Were you offered a cash loan?
  • Did you not receive any paperwork from the moneylender?
  • Is there a large amount of interest or APR on the loan?
  • Have you been threatened for missing payments?
  • Has the lender taken your bank card, benefit card, passport or any other valuables from you?
  • Are you scared of people finding out about the loan?
What should you do if you have borrowed from a loan shark?

What should you do if you have borrowed from a loan shark?

It is important to remember that you are not in trouble if you have borrowed cash or are paying back a loan from an illegal money lender. The loan shark has broken the law, not you.

Stop Loan Sharks has a safe, online reporting form that you can use to report illegal money lenders.

The Illegal Money Lending Team (IMLT) investigates and prosecutes illegal money lenders and offers support to those who have borrowed from them.

You can call them on 0300 555 2222, or visit their website using the button below to speak to them over live chat or complete their online form.


Contact our rent team

We offer a free benefits advice service for our tenants and leaseholders, to help them understand which benefits they are eligible for and how to claim them. All the information we discuss is treated confidentially.

Contact our rent team